Crypto News

Dogwifhat (WIF) Soars, But Developers May Have Missed Out On Millions

Dogwifhat (WIF), the latest sensation in the meme currency market, experienced a remarkable surge of over 27% on Friday, propelling it to a new all-time high and surpassing its previous record once again.

With its recent ascent, WIF is now setting its sights on surpassing PEPE after overtaking BONK in terms of market capitalization.

However, amidst the excitement surrounding WIF’s rise, data from on-chain reports provided by Lookonchain suggests that the developers may have missed out on significant profits amounting to over $693 million during this latest surge.

According to Lookonchain, the WIF developer sold a staggering 350 million WIF tokens for 511 SOL ($29,000) within a span of just two days after trading commenced. At current market prices, the value of these tokens exceeds $693 million. 

Interestingly, the developer still retains a portion of the tokens in a wallet, opting not to sell them immediately.

Furthermore, an additional transaction involving the purchase of 489,674 WIF tokens for 2 SOL ($110) and the subsequent sale of 12.4 million WIF tokens for 896,000 USDC has been reported. 

Presently, there are 589,199 WIF tokens remaining in this particular wallet, amounting to $1.17 million.

Another Notable WIF Trader And Whale Movements To Watch

In a separate instance, another trader entered the WIF market by purchasing 5.1 million WIF tokens for a mere $1,749 on November 30. Today, the value of these tokens has skyrocketed to $10.9 million. 

Despite attempting to limit sell WIF tokens on the Jupiter platform, the trader faced challenges as the order was not filled due to the high limit price. Consequently, the trader opted to cancel the limit order and transferred the WIF tokens to new wallets, now sitting on substantial profits.

As WIF continues to captivate the market with its meteoric rise, the dynamics surrounding its development and trading activities remain subjects of intrigue and scrutiny within the cryptocurrency community.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: bizoon/123RF // Image Effects by Colorcinch

Leave a Comment

Your email address will not be published. Required fields are marked *